Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-12-07

pleted by the expenditure of 1927, GS4,-
2S3. 65, in the purchase OF government
bonds not due, bearing 41-2 per cent.
interest, Premium being paid thereon of
about "a per sent. for the former and s
per cent for the latter. In addition to
this, the interest account accruing dur
ing the current year upon the outstanding
bonded Indebtedness of the government
was, to some extent, anticipated, and
banks selected as repositories of public
money were permitted to somewhat in
crease their deposits. While the expedi-
ents thus employed to release to the peo-
pie the money lying in the treasury
served to
Avert Immediate Danger,
our surplus revenues have continued to
accumulate, the excess for the present
year amounting on the first day Of Deem
Der to $55, 25s, 81. 10, and estimated to
reach the sum of $11S, 900, COCOON the Both
Of June next, at which date it Is expected
that this sum added to prior accumula-
lions, will swell the surplus in the treas
ury to $40, 000, 900. There seems to be
no assurance that, with such a with
dfawal from the peoples circulating
medium, the business community may
not, in the near future. be subjected to
the same distress which was: quite lately
produced from the same cause. And
while the functions of our national treas
ury should be few and simple, and while
its best condition would be reached, I
believe, by Its entire disconnection with
the private business interests, yet when
by a peryersion Of its purposes it. idly
holds money useles sly subtracted from
the channels Of trade, there seems to be
reason for the claim that legitimate
mean should be devised by the gov
eminent to restore In an
without waste or extravaganza, such
money to its place among the people. If
such an emergency arises, there now en-
lists no clear and undoubted executive
power Of relief. Heretofore the re-
demption OF 3 per cents. only, which
were payable at the option OF the govern
ment, has afforded a means for the dis
bursement of the excess of our revenues:
but these bonds have been retired and
there are no bonds outstanding, the pay
ment Of which we have the right to in
sist. upon. The contribution to the sink
ing fund, which furnishes the occasion
for expenditures In the purchase of
bonds, has been already made for the
current year, 80 there Is no outlet In that
direction. In the present state of legfs-
1atton the only pretense of any existing
executive power to restore, at this time, |
any part of surplus revenues to the
people by its expenditures, consists in |
tho supposition. that the secretary OF the |
treasury mey enter the market and
Purchase the Bonds
of the government net yet due, at a rate |
of premium agreed upon. The only pro-
vision OF law from which such q power
could be derived isfound in an appropria-
ton bill passed q number of years ago,
and 1t is eubject to the snppositlon that
1t WAS intended as temporary, and linn
tied in its application, instead OF confer
Fling q continuing discretion and authority.
No condition ought to exist which would
Justify the grant of power to 8 single
official upon his Judgment of its neces-
aity. IN fre.. es release SC bsfisii-
of the people In an un usual manner
money held in the treasury, and thus az
feet, at his will, the financial situation
OF the country; and ii it is deemed wise
to lodge in the sesretary of the treasury
the authority In the present juncture to |
purchase bonds, 1t should be plainly
vested, and provided as far as possible
with such checks and limitations as will |
define his official right and discretion, |
anG at the same time relieve him from
undue responsibility. In considering the /
question Of purchasing bonds as q means
Of restoring to the circulation
The Surplus Money Accommodating
the. treasury, it should be borne
in mind that premiums must; of course,
BIO paid upon such purchase, that there
be o large part OF these held as in.
which cannot be purchased at
any price, and that combinations among
who are willing to sell, may un-
enhance the cost OF such
bonds to the government. It has been
suggested that the present
Bonded Debt Might 30 Funded
at . less rate of interest, and the differ
encs between the old and new securities |
paid In cash, thus finding use for the |
surplus IN the treasury. The success of
this plan. 1t Is apparent, musU DE founded |
upon the yolition Of the holders Of the !
present bonds and its entire certainty !
that tho tndncement which must be
offered them would result in more fnan-
clal benefit to the government than the
purchase OF bonds, while the latter prop
esitiaa would reduce the principal OF the |
debt by actual payment. instead OF e1
tending 1t. Tho proposition to deposit the !
money held by the government in banks |
throughout the country for use by the
people, is, It seems to me, an exceedingly j
objectionably principle, ss reaching too
close q relationship between the opera.
ton OF the government to the business
OF the country, and toe extensive a COM
mingltng OF their money, thus fostering |
an unnatural reliance in private business |
upon public funds.a II this scheme
should be adopted 1t should only be done |
AS q temporary expedient, to meet an |
urgent necessity. Legislative and exec
utiye effort should generally be in the |
opposite detection, and should have q
tendency to divorce as much and as far
as can safely be done, the treasury de- |
partment from private enterprises. OF |
course 1t Is not expected that
Unnecessary and Extrava1ant Operations
Will be made for the purpose OF avoiding |
the accumulation OF an excess Of
revenue. Such expenditures being
In decentralization OF all Just con-
cspttons Of public duty which it en-
talk, emulates q rsekless improvidence
not ia the least consistent with the mis-.
sion OF our people or the high and benef.
iclent purpose Of our government.
have deemed II my duty thus to
bring to the knowledge OF my country
men, V well as the attention OF their